The correction never came.
The S&P 500 had every opportunity to try and shake out the weaker hands, but it did not. This is an indication of underlying strength, and I now believe that the rally still has more upside.
Earnings season has proven to be far less scary than the market had originally feared, and although the data have been soft, we still have the ongoing tailwind of the Federal Reserve's bond-buying program. We are back to a point where we see disappointing economic data as market positive, because it assures us that there will be no talk of a Fed exit.
I have adopted a bullish bias at current level of 1,580, and I see the market trading up to 1,610. I will rethink that bias on a settle back below 1,570.